Commonwealth Financial Services LLC Raises Stake in Adobe Inc. (NASDAQ:ADBE)

Commonwealth Financial Services LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 13.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 607 shares of the software company’s stock after purchasing an additional 70 shares during the period. Commonwealth Financial Services LLC’s holdings in Adobe were worth $305,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Piscataqua Savings Bank boosted its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares in the last quarter. Tradewinds Capital Management LLC boosted its position in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares in the last quarter. Salomon & Ludwin LLC boosted its position in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Adobe in the 2nd quarter worth about $33,000. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe in the 2nd quarter worth about $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the transaction, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,030 shares of company stock worth $17,176,005 in the last 90 days. 0.15% of the stock is owned by company insiders.

Adobe Trading Down 0.4 %

Shares of NASDAQ:ADBE traded down $1.79 during trading on Thursday, reaching $483.24. 283,492 shares of the stock were exchanged, compared to its average volume of 3,185,305. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market cap of $214.27 billion, a price-to-earnings ratio of 43.58, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The firm’s 50-day moving average price is $532.85 and its 200 day moving average price is $515.83.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.26 EPS. On average, sell-side analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the topic of several recent research reports. Oppenheimer reiterated an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. Barclays boosted their target price on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Finally, Bank of America reissued a “buy” rating and issued a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.